By Matt Pressberg | Los Angeles Business Journal
Downtown Los Angeles real estate developer Rising Realty Partners has acquired the Figueroa Courtyard, a five-building low-rise office park in downtown Los Angeles.
The purchase price was not disclosed. The 270,000-square-foot Figueroa Courtyard counts among its tenants Minneapolis-based bank U.S. Bancorp, listed by real estate data provider CoStar Group Inc. as the owner of the property; discount ticket marketplace StubHub Inc., American Public Media; and the Los Angeles bureau of the Associated Press. It is currently 72 percent occupied.
“This is a one-of-a-kind property in downtown Los Angeles with a very strong tenant roster,” said Rising Chairman Nelson Rising. “We see great potential in this property.”
This deal is Rising’s second major foray into the downtown office market. The firm bought the 440,000 square foot PacMutual complex adjacent to Pershing Square in April 2012 and spent $25 million renovating the property, which consists of three interconnected buildings erected between 1908 and 1926.
Canyon Capital Realty Advisors in Century City provided acquisition financing for the deal.